Imports down for second straight month in June

Reuters

MANILA, Philippines - Philippine imports fell for a second straight month in June, as electronics imports hit its steepest drop in a year, the Philippine Statistics Authority said.

Imports dropped 3.6 percent to $4.72 billion. Top imports in June declined for the second straight month due to a drop in the purchase of electronic products, industrial machinery and equipment.

Electronics imports, which account for 18 percent of the total, declined 22 percent, the biggest drop since June 2013.

Mineral fuel imports, which account for 24.7 percent of total imports in June, were up 9.4 percent.

The Philippines had a trade surplus of $731 million in June, bringing the trade gap in the first half of the year to $1.53 billion.

The electronics industry group has forecast electronic exports will grow 5 percent this year.

The Philippine government expects imports in 2014 to grow 9 percent, ahead of a previous forecast of 6 percent, before rising to 10 percent next year and 12 percent in 2016, on higher shipments of construction materials for rebuilding after last year's super typhoon and the start of big infrastructure projects.

The government forecasts an export growth of 6 percent this year, 8 percent next year and 10 percent in 2016.

Officials have set an economic growth target of 6.5-7.5 percent this year, after a growth of 7.2 percent in 2013.